We’re actually not seeking funding. We’re fully funded. By customer revenues.
There is nothing wrong with taking VC Funding, but risking everything to your last penny is what Entrepreneurship was originally all about, so it is simply refreshing to see a company to have made it solely on bootstrapping, beating the odds. Add to it great software that’s easy to buy, learn, use, sprinkle it with a good dose of transparency and great service, and you get a startup worth admiring. I’ve had lots of fun covering their early success and also learned a lot watching them:
Oh, and they gave me some of my funnier titles:
…’cause they like having fun, and I guess it’s contageous. But amidst all that fun they can sometimes be dangerous:-)
I tried to (no, I wanted that job:-)), help with their – hey, even put my “>money where my mouth was. Then I had to write the most difficult post in my life, , Atlassian President, musician, amazing person and fellow .
And today they taught me another lesson: don’t ever sit on a story. It expires. My unwritten story that I’ve been contemplating for a while was about two bootstrapped startups, both in software, amazingly successful that have sailed into IPO zone almost unnoticed. The second one is Zoho, which I consider to be approaching IPO-readiness, but I seriously doubt they would chose to go that way. But Zoho is our Sponsor, talking too much about them would look like ***ing up, so I’ll stop here. The day will come. But today is Atlassian’s day.
Why would a company that has profitably grown for 8 years need funding now? They want to grow more agressively, both in terms of geography and product coverage. That means acquisitions. They want to accelerate growth to above $100M revenue, which is what’s considered “IPO ready” nowadays.